PANews reported on November 23 that according to Bloomberg, Trump nominated Scott Bessent, who runs the macro hedge fund Key Square Group, as the next US Treasury Secretary and hired a key adviser to manage the comprehensive economic agenda he vowed to implement in his second term.
If confirmed by the U.S. Senate, Scott Bessent would become the nation’s first openly gay Treasury secretary and one of the wealthiest in modern times. Scott Bessent has said he always wanted to serve his country, but his sexual orientation kept him from the U.S. Naval Academy in the 1980s and from the State Department after graduating from Yale University. As the nation’s top economic policymaker, Scott Bessent must navigate political wrangling in Washington, lead international economic diplomacy, and apply his Wall Street experience to crisis response. He will also be closely watched by investors and financial institutions as they look to see predictability and stability in the economy.
Scott Bessent once managed money for billionaire George Soros. During his time as investment chief, Soros' family office made about $10 billion, an annualized return of about 13%. He then started Key Square, which Soros initially invested $2 billion in, and later returned the money as other investors joined.
